Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.22.2.2
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2022
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

7.            Goodwill and Other Intangible Assets:

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2022:

Balance at January 1, 2022

$

17,188

Goodwill acquired

3,422

Translation adjustments

(2,791)

Balance at September 30, 2022

$

17,819

Information related to the Company’s other intangibles, net is as follows:

As of September 30, 2022

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

19,947

$

1,609

$

18,338

Trade name

428

54

374

Total

$

20,375

$

1,663

$

18,712

As of December 31, 2021

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,550

$

1,079

$

9,471

Trade name

519

40

479

Total

$

11,069

$

1,119

$

9,950

Customer relationships are amortized over thirteen years. Vendor relationships are amortized between eight and fifteen years. Trade name is amortized over fifteen years.

During the three months ended September 30, 2022 and 2021, the Company recognized total amortization expense for other intangibles, net of $0.3 million and $0.1 million, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized total amortization expense for other intangibles, net of $0.7 million and $0.7 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of September 30, 2022 is as follows:

2022 (excluding the nine months ended September 30, 2022)

    

$

435

2023

 

1,739

2024

 

1,739

2025

 

1,739

2026

 

1,739

Thereafter

 

11,321

Total

$

18,712